SpaceX Was a No-Go, Now This Pension Fund Wants the Anthropic IPO

Denmark’s $25 billion AkademikerPension is preparing to buy Anthropic shares through its IPO, viewing the AI startup’s governance and safety commitments as more acceptable for ESG investors than Space Exploration Technologies Corp (NASDAQ:SPCX).

Chief Investment Officer Anders Schelde told Bloomberg in an interview that Anthropic is "a completely different animal than SpaceX." 

Schelde said earlier this year that Elon Musk’s control of SpaceX "created a catastrophic governance structure." Others have chimed in claiming similar sentiments, including New York City Comptroller Mark Levine.

Before the offering, Levine and other institutional investors objected to provisions expected to leave Elon Musk with approximately 79% of the voting power, despite holding about 42% of the equity. Musk also serves as CEO, chief technology officer and board chairman.

‘This Will End in a Bubble’

Giving founders significant control has long been common among technology startups. However, Levine said the governance arrangements at SpaceX and Anthropic represent a more pronounced shift. 

“But what we saw in SpaceX, and now what we’re seeing in Anthropic, really, it’s at a whole new level,” Levine.

The pension fund, which has excluded SpaceX from its passive and active funds, intends to include Anthropic in its passive holdings. Any decision to buy shares for its actively managed portfolio will depend on the company’s valuation, the CIO said, acknowledging the risks of investing in the AI sector.

"In all likelihood, this will end in a bubble. The big question is the timing. And as we see it, it’s a little too early to call it a bubble," he said during the interview.

Investors prioritizing sustainability, who collectively oversee an estimated $17 trillion in assets, are grappling with how to navigate the significant environmental, social and governance challenges posed by artificial intelligence. Anthropic could provide ESG-focused investors with a more appealing way to participate in the AI boom than some of its rivals, Schelde said.

Anthropic’s governance model gives its seven co-founders significant voting power through a Founder LLC, while an independent Long-Term Benefit Trust holds authority to elect and remove a majority of the company’s board. The arrangement is intended to protect the AI developer’s ability to put safety considerations ahead of short-term financial returns.

While Schelde agreed that Anthropic’s majority control isn’t ideal, the pension fund is also "flexible" and understands it’s a "process," given that some founders want to retain control, he told Bloomberg.

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